You have almost completed the Kipley Company's Employee Payroll Register for the pay period ending January 8, 20--.
In this last task, the following steps will be completed.
Requirements:
Employee Benefits
The table below lists the employee contributions to Group Insurance and Health Insurance. Also, a check number has been assigned to each employee. Note that some employees are not yet eligible for Group Insurance coverage under the company plan.
KIPLEY COMPANY, INC. Insurance Deduction Register |
|||||||
Name | GRP. INS. | HEALTH INS. | CK. NO. | ||||
Carson, F. | $0.85 | $1.65 | 313 | ||||
Wilson, W. | 0.85 | 1.65 | 314 | ||||
Utley, H. | 0.85 | 1.65 | 315 | ||||
Fife, L. | 0.85 | 1.65 | 316 | ||||
Smith, L. | 1.65 | 317 | |||||
Fay, G. | 0.85 | 1.65 | 318 | ||||
Robey, G. | 0.85 | 1.65 | 319 | ||||
Schork, T. | 1.65 | 320 | |||||
Hardy, B. | 0.85 | 1.65 | 321 | ||||
Kipley, C. | 0.85 | 1.65 | 322 |
Completing the Payroll Register
The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period.
Complete the following steps (if a field should be blank, leave it blank):
KIPLEY COMPANY, INC. Payroll Register For Period Ending January 8, 20-- |
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EARNINGS | DEDUCTIONS | NET PAY | |||||||||||
Name | Gross | OASDI | HI | FIT | SIT | SUTA | CIT | SIMPLE | Grp. Ins. | Health Ins. | Ck. No. | Amount | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Carson, F. | $700.00 | $43.40 | $10.15 | $60.00 | $21.49 | $0.42 | $21.00 | $20.00 | $ | $ | $ | ||
Wilson, W. | 897.04 | 55.62 | 13.01 | 91.00 | 27.54 | 0.54 | 26.91 | 50.00 | |||||
Utley, H. | 678.75 | 42.08 | 9.84 | 25.00 | 20.84 | 0.41 | 20.36 | 40.00 | |||||
Fife, L. | 877.10 | 54.38 | 12.72 | 28.00 | 26.93 | 0.53 | 26.31 | 50.00 | |||||
Smith, L. | 790.00 | 48.98 | 11.46 | 61.00 | 24.25 | 0.47 | 23.70 | 20.00 | |||||
Fay, G. | 539.15 | 33.43 | 7.82 | 3.00 | 16.55 | 0.32 | 16.17 | 40.00 | |||||
Robey, G. | 623.08 | 38.63 | 9.03 | --- | 19.13 | 0.37 | 18.69 | 50.00 | |||||
Schork, T. | 773.08 | 47.93 | 11.21 | 64.00 | 23.73 | 0.46 | 23.19 | 60.00 | |||||
Hardy, B. | 666.11 | 41.30 | 9.66 | 1.00 | 20.45 | 0.40 | 19.98 | 30.00 | |||||
Kipley, C | 1,000.00 | 62.00 | 14.50 | 13.00 | 30.70 | 0.60 | 30.00 | 80.00 | |||||
Totals | $ | $467.75 | $109.40 | $346.00 | $231.61 | $4.52 | $226.31 | $440.00 | $ | $ | ---- | $ |
The employer's taxes have been calculated on the Totals row of Taxable Earnings in Chapters 3 and 5 using the following rates:
Enter the Employer's total payroll taxes for the pay period ending January 8, 20--.
KIPLEY COMPANY, INC. Taxable Earnings Payroll Taxes |
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Taxable Earnings | Payroll Taxes | OASDI | HI | FUTA | SUTA | |||
---|---|---|---|---|---|---|---|---|
Totals | $7,544.31 | $ | $467.75 | $109.39 | $45.27 | $278.31 | ||
Journal Entry: Recording Payroll
Complete the following:
Prepare the journal entries as of January 12 to record the payroll and the payroll taxes for the week ending January 8. Credit Salaries Payable for the total net pay.
Date | Account | Debit | Credit |
20-- Jan. 12 | Wages and Salaries Expense | ||
FICA Taxes Payable-OASDI | |||
FICA Taxes Payable-HI | |||
Employees FIT Payable | |||
Employees SIT Payable | |||
Employees SUTA Payable | |||
Employees CIT Payable | |||
Simple Deductions Payable | |||
Group Insurance Premiums Collected | |||
Health Insurance Premiums Collected | |||
Salaries Payable | |||
To record payroll. | |||
20-- Jan. 12 | Payroll Taxes Expense | ||
FICA Taxes Payable-OASDI | |||
FICA Taxes Payable-HI | |||
FUTA Taxes Payable | |||
SUTA Taxes Payable | |||
To record payroll taxes. |
Journal Entry: Payroll Distribution
Complete the following:
Prepare the journal entry to record the payment of the payroll on January 14 when the paychecks are distributed to all workers.
Date | Account | Debit | Credit |
20-- Jan. 14 | Salaries Payable | ||
Cash |
You have almost completed the Kipley Company's Employee Payroll Register for the pay period ending January...
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